Under the wise leadership of its CEO, John Idol, Mike Coles, as we have seen, has achieved rapid business expansion, with malls in New York, London and Paris, including Columbus Square in New York. The prime location. By the end of 2014, Coles is expected to add another 500 to the existing 1,560 settled stores. In addition, the company is opening its own specialty store. At present, the number of self-operated and authorized stores has reached 550, and 150 watches and jewelry stores will be opened during the year.
The management of the company believes that the number of such stores will reach 500 in the short term. The company is also pushing ahead with plans to open duty-free shops at the airport, which currently has 50 such stores. As a designer who really started in 2002, it is shocking to achieve such rapid expansion. The brand’s current public awareness is as high as 89%, far beyond well-known brands such as Gucci, Burberry, Prada and Ralph Lauren.
In contrast, Coach Inc., founded in 1941, is well-known in women’s handbags, accessories, luggage, women’s and men’s wear, but the company is in its new president, Victor Luis (Victor). Luis and a new executive creative director, Stuart Vevers, are undergoing a major transformation. The company will shut down 70 non-profitable stores (the company has 1,011 stores in operation) and will close and integrate some discount stores, which were once the focus of management led by Lew Frankfort. The focus, however, Frankfort has retired to the second line as the company’s executive chairman. The company will no longer focus on these stores on promotions as they have in the past. Its management plans to launch a new concept store later this year, while also looking for a new flagship store in New York.